Systems and methods for improving the liquidity and distribution network for luxury and other illiquid items

ABSTRACT

Systems and methods for improving the liquidity and distribution network for luxury and other illiquid items are provided. These systems and methods preferably include the trading of futures and options contracts, which will provide the liquidity and distribution network for luxury items. Possible embodiments of these systems and methods include the trading of futures and options contracts for diamonds and wine. Another embodiment of this invention preferably includes generating indexes for diamond prices, wine prices, luxury item prices, housing values, mortgage prepayments, privately-held companies or for anything with from sufficiently liquid points of value. Another embodiment of this invention preferably includes a centralized data base for retrieving closing and current auction prices for determining the value of, and best method for the auctioning of various items. The data provided by this data base would improve liquidity by creating greater price transparency.

CROSS REFERENCE TO RELATED APPLICATION

This application claims priority from U.S. Provisional Application No.60/340,328 filed on Dec. 13, 2001.

BACKGROUND OF THE INVENTION

Markets for luxury items such as diamonds and fine wine tend to beilliquid at least in part because of the difficulty in acquiring luxuryitems and the difficulty of bringing the luxury items to market. Thepresent invention relates to systems and methods for improving theliquidity and distribution network for luxury items.

It would be desirable to provide systems and methods that provide theliquidity and distribution network for luxury items.

SUMMARY OF THE INVENTION

It is an object of this invention to provide systems and methods thatprovide the liquidity and distribution network for luxury items.

In a system and method according to the invention, a user would be ableto purchase or sell futures or options contracts for luxury items usinga computer-based futures and options exchange system. The system maypreferably list a number of futures or options contracts of a particularluxury item based on user-inputted criteria. Based on this information,the user could either select an existing contract or, alternatively,create a new contract around the desired criteria. The user may thenview the contract status and execute a trade.

Further systems and methods according to the invention, provide acomputer based system for electronically collecting market informationto aid in the settlement of futures or options contracts. For aparticular item for which a futures or options contract is offered,relevant market data from various sources could be captured, compiled,sorted, and updated by the computer system to generate an index for thatparticular item. This index could then be used to help settle futuresand options contracts.

Alternatively, liquidity and distribution of various illiquid items canbe improved through the creation of a centralized data base and systemfor retrieving closing and current auction prices for determining thevalue of, and best method for auctioning: goods, services, real assetsand securities. The systems and methods according to the inventionprovide a centralized computer data base(s) for storing relevant data onthe auction item or auction object. The centralized data base isconnected to various on-line auctions agents. In this way auction dataon an item, preferably updated in real-time or at least updated at somepre-determined interval, can be accessible to all who need theinformation for valuation and determining the best auction method.

BRIEF DESCRIPTION OF DRAWINGS

Further features of the invention, its nature and various advantageswill be apparent from the following detailed description of thepreferred embodiments, taken in conjunction with the accompanyingdrawings, in which like reference characters refer to like partsthroughout, and in which:

FIG. 1 is an illustration of an electronic implementation of a system tosell futures and options contracts for luxury item in accordance withsome embodiments of the present invention;

FIG. 2 is an illustration, in greater detail, of an electronicimplementation of a system to sell futures and options contracts forluxury items in accordance with some embodiments of the presentinvention;

FIG. 3 is an illustration of a typical grading report for a diamond inaccordance with some embodiments of the present invention;

FIG. 4 is an illustration of a flow chart representing the process ofoffering a futures contract for one or more diamonds based on one ormore standardized profiles in accordance with some embodiments of thepresent invention;

FIG. 5 is an illustration of a flow diagram representing the process offorming a futures contract for a diamond based on the difference betweenthe values of two different profiles in accordance with some embodimentsof the present invention;

FIG. 6 is an illustration of an interface for selecting wine that may bepresented in accordance with some embodiments of the present invention;

FIG. 7 is an illustration of a chart of data for wine futures contractsin accordance with some embodiments of the present invention; and

FIG. 8 is an illustration of a chart of data for wine options contractsin accordance with some embodiments of the present invention.

FIG. 9 is an illustration of an interface for searching the data base ofauction information based on user inputted criteria in accordance withsome of the embodiments of the present invention.

FIG. 10 is an illustration of an interface for displaying the results ofa search of the data base of auction information based on user inputtedcriteria in accordance with some of the embodiments of the presentinvention.

DETAILED DESCRIPTION OF THE INVENTION

This invention relates to creating systems and methods for providingfutures and options contracts for luxury items—i.e., items that add topleasure or comfort but are not absolutely necessary to survival ofhumans or animals. The following embodiment of the invention relates todiamonds. Nevertheless, this embodiment does not limit the invention tothis particular subject matter. Rather, it is provided for illustrationof the invention and not to limit it to a particular commodity ormarket.

Typically, diamonds are classified according to four maincharacteristics to determine the value of a diamond: clarity, color,cut, and carat weight (one carat 0.007 of an ounce).

Color of a diamond may include blue-white, finest white, fine white,white, commercial white, top silver cape, silver cape, light cape, cape,dark cape, finest light brown, fine light brown, light brown, and darkbrown. Commercial color scales may be based on letters of the alphabetwith AA being on one end of the spectrum, to D, which covers theprevious list from blue-white to silver cape. Most common of colorscales is the scale that ranges alphabetically from D to Z whichcorresponds to a scale of colorless to lightly colored. The value of thediamonds generally decrease as the presence of color increases.

The cut of a diamond also determines the value of the diamond. Certaincuts, such as brilliant, emerald, pear-shaped and marquise, are the mostcommon. Yet, even among these common cuts, the different geometries ofeach particular stone affect the value of the diamond. Particularlydesirable geometries are well-known in the industry. Highlylight-reflective geometries are generally regarded as the most valuablebecause they provide the most luster, fire and brilliance as seen by aviewer.

The value of diamonds also depend on the clarity of the diamond—i.e.,the presence, or absence, of carbon inclusions in a diamond. For thepurposes of this application, clarity of a diamond is defined as In themost commonly-used scale, the clarity ranges are represented as a rangefrom flawless to VVS1 to VS to SI to I. This represents a range fromflawless to very slightly included to slightly included to included.Value varies proportionally with the clarity of the diamond—i.e., themore clear the diamond, the more valuable.

Presently, at least in part because of their scarcity, the market forhigh quality diamonds is very tightly controlled. One purpose of thesystems and methods of the present invention is to provide for greaterliquidity in the diamond market.

Referring to FIG. 1, exemplary system 100 for implementing the presentinvention is shown. As illustrated, system 100 may include one or moreworkstations 101. Workstations 101 may be local or remote, and areconnected by one or more communications links 102 to computer network103 that is linked via communications links 105 to server 104. Server104 is linked via communications link 110 to back office clearing center112.

In system 100, server 104 may be any suitable server, processor,computer, or data processing device, or combination of the same. Server104 may be used to process and settle executed trades of futures and/oroptions contracts for luxury items.

Computer network 103 may be any suitable computer network including theInternet, an intranet, a wide-area network (WAN), a local-area network(LAN), a wireless network, a digital subscriber line (DSL) network, aframe relay network, an asynchronous transfer mode (ATM) network, avirtual private network (VPN), or any combination of any of the same.Communications links 102 and 105 may be any communications linkssuitable for communicating data between workstations 101 and server 104,such as network links, dial-up links, wireless links, hard-wired links,etc.

Workstations 101 may be personal computers, laptop computers, mainframecomputers, dumb terminals, data displays, Internet browsers, PersonalDigital Assistants (PDAs), two-way pagers, wireless terminals, portabletelephones, etc., or any combination of the same. Workstations 101 maybe used to enter into and proceed with the trades that relate to thepresent invention, and display trade, benchmark, or spread informationto users of system 100.

Back office clearing center 112 may be any suitable equipment, such as acomputer, a laptop computer, a mainframe computer, etc., or anycombination of the same, for causing trades to be cleared and/orverifying that trades are cleared. Communications link 110 may be anycommunications links suitable for communicating data between server 104and back office clearing center 112, such as network links, dial-uplinks, wireless links, hard-wired links, etc.

The server, the back office clearing center, and one of theworkstations, which are depicted in FIG. 1, are illustrated in moredetail in FIG. 2. Referring to FIG. 2, workstation 101 may includeprocessor 201, display 202, input device 203, and memory 204, which maybe interconnected. In a preferred embodiment, memory 204 contains astorage device for storing a workstation program for controllingprocessor 201. Processor 201 may use the workstation program to presenton display 202 trade information relating to bids, offers, executedtrades, and luxury item information to a user of workstation 101.Furthermore, input device 203 may be used by the user to enter such bidsand offers, modify them, and to enter into trades involving the futuresand/or options contracts for luxury items.

Server 104 may include processor 211, display 212, input device 213, andmemory 214, which may be interconnected. In a preferred embodiment,memory 214 contains a storage device for storing trade informationrelating to the trades. The storage device further contains a serverprogram for controlling processor 211. Processor 211 uses the serverprogram to transact the purchase and sale of the futures and/or optionscontracts. Processor 211 may include futures and/or options calculationprocessor 215 that may be implemented to determine the benchmark valuesbased on market conditions or other criteria that may relate to theitems. Processor 211 may include trade processor 216 that executes andprocesses trades.

Back office clearing center 112 may include processor 221, display 222,input device 223, and memory 224, which may be interconnected. In apreferred embodiment, memory 224 contains a storage device for storing aclearing program for controlling processor 221. Processor 221 uses theclearing program to clear executed trades. Clearing executed trades maypreferably include exchanging currency for a future commitment or afuture option.

A standard diamond profile, according to the invention, based on certainpre-determined characteristics, may be used to standardize the diamondsuch that the diamond may be bought and sold in a futures and/or optionscontract market. A standard diamond profile for future delivery mayinclude the following: a brilliant one carat weight, having a VVS2clarity, and a G color, the proportions of the depth may be between 60%and 62%, the table may be between 60% and 62%, the girdle may be mediumto thick without a culet and the polish and symmetry may be graded asgood or higher by the Gemological Institute of America, located inCarlsbad, Calif. (the “GIA”). This particular diamond, or a number ofsuch diamonds, may be deliverable at any pre-determined date in thefuture, but more particularly at one month, two months, three months,four months etc. into the future. A computer based system preferablysimilar to, or integrated with server 104 will create the standardprofile and then post futures or options contracts based on that profile

FIG. 3 shows a typical grading report 300 for a diamond. Grading report300 may typically include shape 310, color grade 320, clarity grade 330,weight 340, proportions 350 (including depth 352, table 354, girdle 356,and culet 358), and finish 360 (including polish 362 and symmetry 364.)As described above a pre-determined diamond profile can be standardizedfor future delivery to obtain a base value, or, alternatively, abenchmark, for a diamond futures and/or options contract. Such gradingreports are offered, for example, by the GIA and include relevantinformation for forming a profile of a diamond. A copy of a detailedgrading report—e.g., a GIA certificate—may be included with the deliveryof the diamond at the termination of the contract.

FIG. 4 shows a method 400 according to the invention. The method showsstandardizing a diamond profile at step 410. The method also showsoffering a futures and/or options contract based on the standard diamondprofile at step 420. In an alternative embodiment of the invention, anumber of different diamond profiles may be standardized.

FIG. 5 shows a method 500 of forming a security based on the spreadbetween one particular deliverable—i.e., a diamond at a first diamondprofile—and a second particular deliverable—i.e., a diamond at a seconddiamond profile. The method includes standardizing a first diamondprofile 510, determining a second diamond profile 520, and forming afutures and/or options contract based on the difference between thevalue of the standard diamond associated with the first diamond profileand the value of an actual diamond associated with the second diamondprofile 530. In this fashion, the difference in value—i.e., thespread—between the first diamond and the second diamond may be traded aswell. With this spread, either the first, standardized or benchmark,diamond value or the second diamond value may be used as the bench markfor this other value or for a plurality of values.

Standardization of diamond contracts allows future positions to beliquidated easily—e.g., through an exchange or a clearinghouse—ratherthan by negotiating with the other party to the contract. Thus, afutures and/or options contract preferably adds much-needed liquidity toa particularly illiquid market. This is because the exchange binds eachparty to perform the contract. Guaranteed performance of each partypreferably eliminates the need for costly credit checks on othertraders. Thus transaction costs are substantially reduced by requiringonly a good faith deposit to insure good credit of the traders.

Another example of a system and method according to the inventionrelates to futures and/or options contracts for wine. The scarcity anddelicate quality of wine tends to reduce the liquidity of the winemarket. According to the invention, however, it is possible to increasethe liquidity of the market by standardizing a wine profile to create abenchmark and for trading futures and/or options contracts for the winebased on the standard wine profile.

Wine can also be classified and selected based on its own unique set ofcriteria: type, geographic region, winery, vintage, and price range.

A specific wine or a group of wines may be selected based upon some orall of these five criteria. The wine type can be very broad such assimply red or white. Type can also refer to the specific designation ofthe wine—e.g., Cabernet Sauvignon, Merlot, Chardonnay or Riesling.Designation of a specific geographic region, winery, vintage and pricerange can also be used to select a particular wine or group or wines.The specificity with which these criteria are designated will determinethe breadth of wine selection—i.e., a person with very specific needsmay request a 2001 Nappa Valley Chardonnay whereas another person maysimply need a red wine that costs around $10.

FIG. 6 shows a graphical user interface 600 according to the inventionthat may be used to select a futures and/or options contract relating toa future transaction for wine. Interactive screen section 610 shows anarea in which the user may select the type of wine. Interactive screensection 620 shows an area in which the user may select a particulargeographic location of the vineyard. Interactive screen section 630shows an area in which the user may select a particular winery thatproduced the wine. Interactive screen section 640 shows an area in whichthe user may select a particular vintage, or year of production, of thewine. Finally, interactive screen section 650 shows a price, or range ofprices, of the wine.

Once a user has selected his preferred criteria of wine, area thensection 660 preferably shows a single wine or group of wines that fitinto the selected user criteria. Once a group of wines appears in area660, the user may preferably click on the wine to transfer to futuresand/or options screens as shown in FIGS. 7 and 8, and described in moredetail below. Alternatively once a desired wine is highlighted, the usermay click on the “See futures and/or options contracts” button 670 toobtain futures and options information. It should be noted that thisparticular interface may be used for any luxury item as an interface toefficiently obtain a desired contract the he wishes to participate in.

FIG. 7 shows an example of a futures screen for the trading of winefutures contracts. After selecting a particular futures contract orgroup of futures contracts, this screen displays relevant marketinformation. The information on the screen may typically include thesymbol of the pertinent futures contract 710, the opening price for thefutures contract 720, the highest and lowest value the futures contracttraded at within a specified period 730, the price of the last futurescontract traded 740, the settlement price 750—i.e., the current price ofthe futures contract, the last change in price 760, and the openinterest 770—i.e., the total number of futures contracts traded thathave not yet been liquidated.

FIG. 8 shows an example of an options screen for the trading of wine.After selecting a particular option, this screen displays relevantmarket information. The information on the screen may typically includeinformation on a Calls 810, which are options to buy futures contracts,as well as Puts 820, which are options to sell futures contracts. Foreach of these transactions, the screen will contain relevant market datafor each item represented by its particular symbol 801. The market datamay include such information as the amount paid for the last option 802,the last change in price 803, the highest price being currently offeredto buy the option 804, the lowest price for which the option is beingsold 805, the volume of shares traded 806, the open interest 807—i.e.,the total number of options contracts traded that have not yet beenliquidated, and the strike price—i.e., the stated price per share forwhich the future may be purchased (in the case of a call) or sold (inthe case of a put) by the option holder upon exercise of the optioncontract.

In the case where there is not an existing futures or options contractbased on the selected criteria, the user may create a new futures oroptions contract. This will allow the trading of any available diamond,wine, or luxury item.

Due to the existing illiquid nature of the markets for luxury items, itmay be useful for the methods and systems of the present invention toelectronically collect market information to aid in the settlement ofluxury item contracts. This information can be organized in the form ofa luxury item index—a statistical composite that measures changes inthat specific financial market. In order to create a luxury item index,the system may electronically capture—e.g., retrieve and preserve in alasting form—compile—e.g., arrange or compose from materials gatheredfrom several sources—sort—e.g., classify according to a suitableclassification system according to class, kind, size, or other suitablecriteria—and update relevant data preferably in real time or othersuitable pre-determined interval. The result of these systems andmethods would be to provide an index for any type of luxury item, groupof luxury items, or in fact, any type of less liquid, but exchangedcommodity or item. This index could then be used to help settle optionsor futures contracts or even in certain circumstances, cash contracts aswell.

Examples of this method may include providing an index for diamondprices. This diamond index may be based on available price lists fordiamonds—i.e. the Rapaport Sheets—and other similar industry price listswhich may be electronically obtainable.

Advantages of systems and methods according to the invention includeallowing a diamond merchant or wine merchant to limit the risk on hisfuture purchase or sale of the respective products. Thus, if diamondretailer A wanted to insure his supply of diamonds for the upcomingholiday season, he may contract to purchase X amount of diamonds inDecember at a specific price. Though retailer A may pay a premium forthe right to buy the diamond in December at a particular price, he isprotected from supply problems or other vagaries of the marketplace thatmay occur between the time when he entered into the contract and thesettlement date in December. This is one example of risk-sharingadvantages obtained by systems and methods according to the invention.

Alternatively, systems and methods according to the invention mayprovide speculators an opportunity to invest in items and markets that,in the past, were not liquid enough to allow for investment by thegeneral public. Systems and methods for creating indexes for these itemsor markets can help improve their overall liquidity.

An example of such a market that supports such an index may be housingvalues. An index may be created for housing values in a particulararea—Inputs to such a housing index may be real estate price surveys,mortgage applications, or some other suitable input that may be obtainedelectronically and used for input into an index processor. In such asystem and method according to the invention, the index further may bedivided according to regions or may be user-configurable such that theuser may create his own index for use according to a user specifiedregion, preferably assuming that the region was sufficiently large tocreate a usable index. Users could specify a large geographicregion—e.g., the Northeast Region of the U.S., or they could specify aparticular city—e.g., New York City, or they could specify a particulararea within the city—e.g., SOHO or they could specify a particularzip-code or other suitable regional limitation. The system and methodsaccording to the invention would then generate a housing values indexfor that specified region.

One use for this system and method according to the invention is toenable the trading of futures and options contracts based on thishousing values index. The ability to trade futures and options based onthis index would allow banks to reduce their exposure to risk from theirmortgage portfolios.

Another example of a market that supports such an index may be mortgageprepayments—This information may be obtained from banking institutions.

Another example of a market that supports such an index may be based onprivately-held companies Such an index may use the publicly-availableEBIDTA (Earnings Before Interest Depreciation and Taxes) as the providerof the data.

One underlying theme of these systems and methods according to theinvention is that an index may be created from any sufficiently liquidpoints of value.

Another aspect of the invention involves Internet or intranet auctions.In recent years, on-line auction sites have grown as a place forindividuals to buy and sell items. Due to the transient nature of theindividualized transactions on these sites, it can be difficult todetermine the proper valuation or auction method for a particularauction item without painstakingly reviewing the transaction history ofmany other similar auction items. For example, changes in the number ofsimilar items being auctioned at a given site at a given time maydrastically affect the final price or, with respect to used items, smalldifferences in condition may drastically affect the price paid for theauction item. The auction method used, such as the choice of auctiontype, e.g., standard auction, reserve price auction, private auction,Dutch auction, or auction length or opening bid, may also affect theprice paid for the auction item. The particular Internet auction siteused might also affect the final price paid for an auction item. Bytracking auctions of particular items over a longer period of time andover many different auction sites, buyers and sellers can make betterdecisions with regard to pricing as well as the best method forconducting the auction.

In this embodiment of the invention, liquidity and distribution ofauction items can be improved through systems and methods that tracktransactions of Internet auction sites. By tracking Internet auctionssites for pending and completed auctions the systems and methods of thisinvention can provide information which is useful for determiningvaluation or best auction method for a particular auction item. Thetracking of Internet auction sites can be performed by, searching theInternet auction sites, capturing, compiling, extracting a possiblyuser-specified portion of the data, performing possibly user-specifiedcalculations with this extracted data, and updating the data and theresults.

Furthermore, these systems and methods of the invention relate to a dataprocessing methodology and system for a universal, uniform system fortracking auction data by searching, capturing, compiling, extracting,calculating, and updating. These systems and methods could be used forauction items such as: diamonds, wine, motor vehicles, boats, antiques,artwork, real property, and securities or any suitable auctioned items.More precisely, it relates to a computerized system containing a serversimilar to 104 by which all current systems are converted in a uniformmanner to a unique but universal system, by creating and thencentralizing, that single system as the single source of the system sothat data may be searched, captured, compiled, sorted, extracted,arranged in such a manner to allow calculations to performed on thedata, calculated and updated from a variety of sources and accurate,from which up-to-date values may be established preferably in real-time,though it may also be establish at any suitable pre-determined interval.This system may be preferably accessed through a plurality ofworkstations similar to workstation 101. Through these workstations, auser may access the server to view the tracked auction data and may alsoconfigure the searching, capturing, compiling, sorting, extracting,calculating, and updating the data.

Records for Internet auctioned items are currently maintained by variousunrelated parties because auctions generally occur at disparatelocations on the Internet. Therefore, Internet auctioned items are notconducive to price transparency. Furthermore, there is no currentuniversal system or means for searching and then universallycentralizing all records to ensure that all information is up to date,accurate and accessible to various unrelated parties.

Through systems and methods according to the invention, users will beable to view auction statistics and other relevant informationcalculated from auction data. Preferably, by specifying criteria for aparticular item or items and specifying the type of information desired,a user will be presented with relevant statistical data which will behelpful for participating in an Internet auction. The statistical datafor each auction in progress and completed auction, may preferablycontain information relevant to the successful bids, the unsuccessfulbids, the final price, the method of auction, as well as validation ofthe auction data.

FIG. 9. shows a graphical user interface 900 according to the inventionthat may be used to perform a search of auction data based upon usercriteria. In this case, the user has already selected PDAs as thecategory 910 for the search. For each category of items selected, thesearch interface 900 contains search options to define the scope of thesearch. The number and specific type of options available will depend onthe category selected. For PDAs, there are seven search options.Interactive screen section 920 shows an area in which a user may selectthe brand. Interactive screen section 930 shows an area in which a usermay select the model. Interactive screen section 940 shows an area inwhich a user may select the screen type. Interactive screen section 950shows an area in which a user may select the amount of memory.Interactive screen section 960 shows an area in which a user may selectthe internet connectivity. Interactive screen section 970 shows an areain which a user may select the condition of the PDA beingauctioned—i.e., new or used. Further gradations (e.g.—condition 1-10)may also be used. Interactive screen section 980 shows an area in whicha user may select the time frame to be searched—i.e., currently pendingauctions only or all auctions that occurred over a specified period.After the user specifies the criteria desired for the search, the usermay select the Search button 990 to perform the search.

FIG. 10. shows a graphical user interface 1000 according to theinvention that may be used to display the results of the auction datasearch. Screen section 1010 shows the category searched. Screen section1020 shows the search criteria selected by the user. Interactive screensection 1030 shows selected statistics calculated from the search. Oneor more statistics, such as average price, high price, low price,auction duration, units sold, and unit available, may be selected andthe user may click on “View Expanded Statistics” 1050 to display moredetailed information, which may include charts or graphs, for eachstatistical item. Interactive screen section 1040 preferably shows theauctions that match the users selected criteria. The screen section maydifferentiate between the pending and completed auctions. The user mayselect one or more auctions and click “View Auction Information” 1060,to view the specific information about the auction(s) selected includingverification data. The user may also select one or more auctions andclick “Remove From Stats” 1070, to remove auction(s) from beingcalculated in the statistics.

Accordingly, systems and methods for providing liquidity anddistribution networks for luxury and other items are provided. It willbe understood that the foregoing is merely illustrative of theprinciples of the invention and that various modifications can be madeby those skilled in the art without departing from the scope and spiritof the invention, with is limited only by the claims that follow.

1-120. (canceled)
 121. A method comprising: capturing data from aplurality of completed auction for a plurality of items; receiving asearch request specifying at least one criterion for an item;identifying from the plurality of items at least one item satisfying theat least one criterion; receiving an instruction to compute at least oneuser specified calculation for at least one item identified; anddetermining the user specified calculation from at least a portion ofthe auction data corresponding to the at least one item identified. 122.The method of claim 121, wherein the at least one user specifiedcalculation comprises an average price for the item.
 123. The method ofclaim 121, wherein the at least one user specified calculation comprisesa lowest price paid for the item.
 124. The method of claim 121, whereinthe at least one user specified calculation comprises a highest pricepaid for the item.
 125. The method of claim 121, wherein the at leastone user specified calculation comprises a mean or a median price forthe item.
 126. The method of claim 121, wherein the at least one userspecified calculation is determined specific for a particular auctionmethod.
 127. The method of claim 121, wherein the at least one userspecified calculation comprises a range of prices for the item.
 128. Themethod of claim 121, comprising communicating the user specifiedcalculation to at least one user.
 129. The method of claim 128,comprising communicating a listing comprising at least one completedauction for the item to the at least one user.
 130. The method of claim129, comprising receiving an instruction to remove a completed auctionselected from the listing and determining the user specified calculationfrom at least a portion of the auction data corresponding to the atleast one item identified excluding the selected completed auction. 131.The method of claim 128, comprising communicating a listing comprisingat least one pending auction for the item to the at least one user. 132.The method of claim 131, comprising causing an interface screen to bedisplayed comprising the user specified calculation and the listingcomprising the at least one pending auction for the item.
 133. Themethod of claim 121, wherein the data is captured from at least oneInternet auction site.
 134. A method comprising: capturing data from aplurality of completed auction for a plurality of items; receiving asearch request specifying at least one criterion for an item;identifying from the plurality of items at least one item satisfying theat least one criterion; determining at least one calculation from atleast a portion of the auction data corresponding to the at least oneitem identified; communicating the at least one calculation and alisting comprising at least one pending auction for the item to at leastone use.
 135. The method of claim 134, wherein the calculation comprisesat least one of an average price, a lowest price, a highest price, and amedian price paid for the item.
 136. The method of claim 134, comprisingcausing an interface screen to be displayed comprising the at least onecalculation and the listing comprising the at least one pending auctionfor the item.
 137. A system comprising at least one processor and amemory that stores a program that when executed enables the processor toperform a method comprising: capturing data from a plurality ofcompleted auction for a plurality of items; receiving a search requestspecifying at least one criterion for an item; identifying from theplurality of items at least one item satisfying the at least onecriterion; receiving an instruction to compute at least one userspecified calculation for at least one item identified; and determiningthe user specified calculation from at least a portion of the auctiondata corresponding to the at least one item identified.
 138. The systemof claim 137, wherein the at least one user specified calculationcomprises an average price for the item.
 139. The system of claim 137,wherein the at least one user specified calculation comprises a lowestprice paid for the item.
 140. The system of claim 137, wherein the atleast one user specified calculation comprises a highest price paid forthe item.
 141. The system of claim 137, wherein the at least one userspecified calculation comprises a mean or a median price for the item.142. The system of claim 137, wherein the at least one user specifiedcalculation is determined specific for a particular auction method. 143.The system of claim 137, wherein the at least one user specifiedcalculation comprises a range of prices for the item.
 144. The system ofclaim 137, the method comprising communicating the user specifiedcalculation to at least one user.
 145. The system of claim 144, themethod comprising communicating a listing comprising at least onecompleted auction for the item to the at least one user.
 146. The systemof claim 145, the method comprising receiving an instruction to remove acompleted auction selected from the listing and determining the userspecified calculation from at least a portion of the auction datacorresponding to the at least one item identified excluding the selectedcompleted auction.
 147. The system of claim 144, the method comprisingcommunicating a listing comprising at least one pending auction for theitem to the at least one user.
 148. The system of claim 147, the methodcomprising causing an interface screen to be displayed comprising theuser specified calculation and the listing comprising the at least onepending auction for the item.
 149. The system of claim 137, wherein thedata is captured from at least one Internet auction site.
 150. A systemcomprising at least one processor and a memory that stores a programthat when executed enables the processor to perform a method comprising:capturing data from a plurality of completed auction for a plurality ofitems; receiving a search request specifying at least one criterion foran item; identifying from the plurality of items at least one itemsatisfying the at least one criterion; determining at least onecalculation from at least a portion of the auction data corresponding tothe at least one item identified; communicating the at least onecalculation and a listing comprising at least one pending auction forthe item to at least one use.
 151. The system of claim 150, wherein thecalculation comprises at least one of an average price, a lowest price,a highest price, and a median price paid for the item.
 152. The systemof claim 150, the method comprising causing an interface screen to bedisplayed comprising the at least one calculation and the listingcomprising the at least one pending auction for the item.